Loan Payoff Accelerator With
Extra monthly Payments

See how extra recurring monthly payments can accelerate your payoff and cut your interest

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    Extra Payment Loan Payoff Calculator

    See how a fixed extra monthly payment changes your payoff date and total interest.

    This amount is added to every monthly payment.
    Used only to label the schedule with calendar dates.

    Frequently Asked Questions

    How does making an extra monthly payment help pay off my loan faster?

    Every extra dollar you pay goes straight to the principal, not interest.
    Reducing the principal earlier shrinks future interest charges, which accelerates the payoff timeline.

    Some loans (especially mortgages, auto loans, and personal loans) may include prepayment penalties.
    Always check your loan agreement before committing to extra monthly payments.

    Yes. Extra payments are voluntary unless you’ve set up an automatic transfer with your lender.
    Stopping or lowering the extra payment just changes the payoff speed.

    Yes. This calculator is designed for fixed-interest loans (mortgages, student loans, auto loans, personal loans, etc.). If you’d like to learn about the difference between fixed and variable students, check out this article. 

    No. Credit cards use daily compounding and variable interest, so this tool isn’t accurate for revolving debt.

    It should be accurate for fixed-rate loans.
    The only things that change your actual payoff date are:

    • interest rate changes (for variable loans)

    • unexpected fees

    • missed or partial payments

    • loan modifications

    If your goal is to pay off the loan as fast as possible, combining:

    • consistent extra monthly payments and

    • periodic lump sums (bonuses/tax refunds)

    …is usually the most effective method. If you’d like to add in lump sums, please use our Extra & One-Time Payments Calculator. 

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